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Bestway Group invests $230m in UBL

LONDON: The Bestway Group, UK based conglomerate founded and chaired by Sir Anwar Pervez announced it has increased its shareholding in United Bank Limited UBL to 51.07 percent by acquiring an additional 20 percent of shares from Abu Dhabi Group provided fully integrated advisory and financing solutions and acted as sole bank in the deal.

UBL is Pakistan’s second largest private bank. In 2002, a consortium consisting of Bestway Group and Abu Dhabi Group acquired 51 percent of UBL shares together with management rights and control of bank through Government of Pakistan’s privatization process. Consortium currently owns 61.37 percent of bank with Bestway Group at 31.07 percent and Abu Dhabi Group at 30.30 percent. After this investment, management rights and control of bank will continue to remain within the same consortium. No changes are being made in senior management or in board of directors.

Zameer Choudrey, chief executive of Bestway Group said, “This is a strategic long term investment for Bestway Group. We are delighted to make this acquisition as we believe that UBL is a solid bank with a huge potential for the future.” Mark Haines, HSBC’s head of corporate banking in Thames Valley commented, “Bestway Group is a long-standing customer and a thriving business. This funding demonstrates our ongoing commitment to the company, and is a great example of how HSBC can help customers to take advantage of international growth opportunities.” ppi

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